Women Emerge as Key Heirs in $124 Trillion U.S. Wealth Transfer

Women are projected to receive substantial portions of $124 trillion in U.S. high-net-worth and ultra-high-net-worth asset transfers through 2048, increasing their influence as heirs, investors and entrepreneurs.

The projection covers transfers between 2024 and 2048, including $108 trillion expected to go directly to heirs. About $54 trillion is expected to pass first between spouses to widows, with more than 95% projected to go to women.

Nearly $40 trillion is projected to transfer to widowed women in the Baby Boomer and older generations. Women in younger generations are expected to receive $47 trillion through intergenerational transfers.

The figures add details on projected transfers to widows and women in younger generations to the previously reported estimate of U.S. wealth transfers through 2048.

Beth Meagher, Deloitte’s U.S. federal health sector leader, said, “These trends are changing everything.” She also said, “Women are looking to pull their investments so that they can have an outsized impact.”

Seema Hingorani, a managing director and senior client adviser at Morgan Stanley, said, “[Women are] going to have all the wealth.”

The shift is also increasing demand for women investment professionals. Relationships matter to 53% of women investors when choosing an adviser, compared with 42% of men.

Girls Who Invest, a nonprofit focused on women entering investment careers, has more than 4,000 alumni and serves more than 600 program graduates annually. Its programs support first- and second-year college students through tuition-free education, career advising, community building and alumni support.

Meagher said the financial industry has an opportunity to respond to the changing distribution of wealth. “I think we spend a lot of time on frontier models, and we probably spend a lot of time on geopolitical [issues]. And this shift is something that I think we have a tremendous opportunity to lead from the front of,” she said.